Pram and car seat. No pram suits everyone so think about how you would use a pram eg. mainly on pavements etc. And buy a car seat that can attach to the pram, very handy for moving a sleeping baby.
Sling, can be worn indoors or outdoors but gives you free hands with an unsettled baby.
Side light with dimmer on it for night feeds and nappy changes. Too harsh to put on a big overhead light. And you quickly only need a bit of light to see the essential bits.
We tended to need 3 sets of bedding. One in use, one in the wash and one for a bad night when they puke!
Don't buy too many newborn clothes as they can grow out of the quickly. My 3 have all been around 8lbs and been out of the newborn size by 1 months. Some brands like Next and M&S are more generous sizes than say Gap. They get lots more use from 0-3 month size.
You will be given gifts of lots of clothes and toys from people you never expect gifts from so don't buy too much in advance. They aren't very interested in toys for first month or so tend to be happy to look at mum and dads face.
Cloth nappies (at least 12) are handy for all sorts, burp cloths, under their head for first couple of weeks to catch milk drool, as puke cloths if they puke a lot (Only 1 of mine did) and on the change mat to stop it feeling cold on their back/to dry up wees that they do for the first few weeks when cold air hits their bums : )
When buying think about how many kids you are going to have and how far apart. We bought good quality things that would last first time round as we knew we were having 3 or 4 kids. Everything has just been pulled out and washed down again for no. 4 that is due this week and that doesn't allow for 2 friends kids who have had things like the rocker seat and isofix car seat base in between.
Things we got that got used very little and have since got rid of are nappy wrapper, put next back door in nappy sac and take to outside bin twice a day. Breast feeding pillow, was easier to hold baby in your arms. Bath support thingie, DH (he does most bathing) got the hang of holding their heads and letting their bodies just float.
Do you have a friend of couple of friends with babies? I write a list of what I thought I needed first time round then discussed it with 2 friends who had babies and different budgets, one strict budget and one unlimited. It was interesting to see how many of the same things they said to get and not get.